Mortgage interest rates were mixed this week. See below for a breakdown of how different loan types moved.
Rates as of May 17, 2021.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, May 17th, 2021 at 7:50am.
Mortgage rates for home purchase
Current 30 year mortgage rate stays put
The average rate you’ll pay for a 30-year fixed mortgage is 3.06 percent, unchanged from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.07 percent.
At the current average rate, you’ll pay principal and interest of $424.85 for every $100k you borrow.
Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.
15-year mortgage moves up,+0.01%
The average rate you’ll pay for a 15-year fixed mortgage is 2.35 percent, up 1 basis point over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $660 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
5/1 ARM rate eases, -0.02%
The average rate on a 5/1 adjustable rate mortgageis 3.14 percent, falling 2 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.14 percent would cost about $429 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage flat for the week
The average rate for a jumbo mortgage is 3.07 percent, unchanged over the last week. Last month on the 17th, the average rate on a jumbo mortgage was lesser, at 3.06 percent.
At today’s average rate, you’ll pay principal and interest of $425.39 for every $100,000 you borrow.
Rate review: How mortgage rates have changed this week
- 30-year fixed mortgage rate: 3.06%, unchanged from last week
- 15-year fixed mortgage rate: 2.35%, up from 2.34% last week, +0.01
- 5/1 ARM mortgage rate: 3.14%, down from 3.16% last week, -0.02
- Jumbo mortgage rate: 3.07%, unchanged from last week
Mortgage refinance rates
30-year mortgage refinance rate declines, –0.02%
The average 30-year fixed-refinance rate is 3.10 percent, down 2 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.13 percent.
At the current average rate, you’ll pay $427.02 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.08 lower.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our Mortgage rate predictions for this week.
Want to see where rates are right now? Lenders nationwide respond to Bankrate.com’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans.
Learn more:
Featured lenders for today, May 17, 2021
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